Topic 7: Revenue
Self Study Questions
ACCT2011: Financial Accounting A
BUSINESS SCHOOL
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1. H&P Q15.7 page 592
2. H&P Q15.8 page 592
3. Extracted from EY(2014) ¡°A Closer Look at the Recognition Standard¡±
IT Support Co provides online technology support for customers remotely via the internet. For a flat fee, IT Support Co will scan a customer¡¯s personal computer (PC) for viruses, optimise the PC¡¯s performance and solve any connectivity problems. When a customer calls to obtain the scan services, IT Support Co. describes the services it can provide and states the price for those services. When the customer agrees to the terms stated by the representative, payment is made over the telephone. IT Support Co. then gives the customer the information it needs to obtain the scan services (eg., an access code for the website). It provides the services when the customer connects to the internet and logs onto the entity¡¯s website (which may be that day or a future date).
Using the following template, determine if this arrangement contains a contract with a customer under AASB 15.
IT Support Co.
Conditions Para Application to this contract
Payment terms can be identified 9(c)
The contract is approved and the parties are committed to their obligations
Each party¡¯s rights for goods or services to be transferred can be identified
Contract has commercial substance
Consideration will probably be collected when due
4. Refer Topic 7 on Canvas for online questions
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